Following is financial information for North Point Company for fiscal year ending February 2022.

Direct materials $22,000

Direct labor 14,000

Variable manufacturing overhead 9,000

Fixed manufacturing overhead 10,000

Variable selling expense 5,000

Fixed selling expense 16,000

Fixed administrative expense 14,000

Sales revenue 89,000

Prepare income statements using both the absorption costing format and the variable costing format.

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